Moving ahead, there are several catalysts that can help drive Apple shares higher and push the market cap to $3 trillion.
In a research note on June 7, Wedbush analyst Dan Ives—who rates the stock Outperform with a $220 price target—said he believes about 250 million iPhones haven’t been upgraded in more than four years, which “sets Apple up for a major installed-base upgrade cycle heading into this anniversary 15-year release.” The iPhone is the largest revenue driver for Apple, and successful sales of the smartphone would keep investors confident in the tech giant’s performance…
Apple is also trading at 28.6 times forward earnings, which is above its historic average of 22.7 times.
